Press release
US Instrument Transformers Market size See Incredible Growth during 2030
In terms of value, the global instrument transformers market is anticipated to expand at a CAGR of 5.5% from 2020 to 2030 and cross a value of US$ 12 Bn by 2030. Asia Pacific led the global instrument transformers market in 2019, in terms of demand. This trend is anticipated to continue between 2020 and 2030. Rise in investment in smart grids, including digitization of substations, smart meters and microgrid technologies, is a key factor that is estimated to boost the global instrument transformers market in the near future. Instrument transformers play a vital role in power distribution and transmission network. The expansion of the renewable power generation capacity across the globe is estimated to drive the global instrument transformers market during the forecast period.
๐๐๐ญ ๐๐๐ ๐ฌ๐๐ฆ๐ฉ๐ฅ๐ ๐๐จ๐ซ ๐๐ง๐๐ฎ๐ฌ๐ญ๐ซ๐ข๐๐ฅ ๐๐ง๐ฌ๐ข๐ ๐ก๐ญ๐ฌ ๐๐ง๐ ๐๐ฎ๐ฌ๐ข๐ง๐๐ฌ๐ฌ ๐๐ง๐ญ๐๐ฅ๐ฅ๐ข๐ ๐๐ง๐๐ -https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=35303
๐๐ง๐ฌ๐ญ๐ซ๐ฎ๐ฆ๐๐ง๐ญ ๐๐ซ๐๐ง๐ฌ๐๐จ๐ซ๐ฆ๐๐ซ๐ฌ ๐๐๐ซ๐ค๐๐ญ: ๐๐๐ฒ ๐๐ซ๐ข๐ฏ๐๐ซ๐ฌ ๐๐ง๐ ๐๐๐ฌ๐ญ๐ซ๐๐ข๐ง๐ญ๐ฌ
Of late, power generation and distribution companies have been investing significantly in the modernization of grids. According to a study published by the International Society for Performance Improvement (ISPI), global investments in grid technologies, data intelligence, and digital services stood at US$ 35 Bn in 2018. Smart meters, EV charging stations, and digital substations accounted for the highest growth areas. Rise in investment in modernization of the aging power grid is anticipated to drive the global instrument transformers market. Increase in emphasis on alternative energy production and surge in the cross-border electricity trade across the globe are other trends that are augmenting the demand for instrument transformers. The installation of new gas insulated substations (GIS) and the renovation of existing air insulated substations (AIS) with GIS are also key factors projected to propel the instrument transformers market during the forecast period.
The complexity of activities associated with power transmission and distribution projects, including feasibility studies, project approvals, tendering & contracts, land development, design, foundation work and installation, commissioning, and handover to the operations team, often lead to delay in projects. Delay in grid expansion projects is expected to restrain the global instrument transformers market during the forecast period.
๐๐๐ญ ๐ ๐๐จ๐ฆ๐ฉ๐ฅ๐๐ญ๐ ๐๐๐ฉ๐จ๐ซ๐ญ ๐๐๐ญ๐๐ข๐ฅ๐ฌ -https://www.transparencymarketresearch.com/instrument-transformer-market.html
The COVID-19 pandemic is likely to result in further delays in power projects. Governments of countries across the world are imposing new regulations to amend private and public power sector contracts in response to the pandemic. For instance, in March 2020, Brazil's Ministry of Mines and Energy announced the indefinite postponement of its energy generation and transmission auctions.
๐๐ง๐ฌ๐ญ๐ซ๐ฎ๐ฆ๐๐ง๐ญ ๐๐ซ๐๐ง๐ฌ๐๐จ๐ซ๐ฆ๐๐ซ๐ฌ ๐๐๐ซ๐ค๐๐ญ: ๐๐ซ๐จ๐ฆ๐ข๐ง๐๐ง๐ญ ๐๐ง๐ ๐๐ฌ๐๐ซ๐ฌ
Based on end use, the global instrument transformers market can be broadly classified into power & distribution industry, railways & metros, industrial, commercial, and others. The power & distribution industry is likely to be prime end user of the global instrument transformers market by 2030. Aging energy generation and distribution infrastructure is one of the major challenges faced by developed countries. The implementation of grid modernization initiatives by several economies has resulted in improved grid reliability, resiliency, and system efficiency. Trends such as modernization of power grid, electrification of rural areas and Tier3 cities, and development of smart cities are expected to boost the demand for instrument transformers in the near future.
๐๐๐ค๐ ๐๐ง ๐๐ง๐ช๐ฎ๐ข๐ซ๐ฒ ๐๐๐๐จ๐ซ๐ ๐๐ฎ๐ฒ๐ข๐ง๐ -https://www.transparencymarketresearch.com/sample/sample.php?flag=EB&rep_id=35303
๐๐ฌ๐ข๐ ๐๐๐๐ข๐๐ข๐ ๐ญ๐จ ๐๐ ๐๐ข๐ ๐ก๐ฅ๐ฒ ๐๐ฎ๐๐ซ๐๐ญ๐ข๐ฏ๐ ๐๐๐ ๐ข๐จ๐ง ๐จ๐ ๐๐ง๐ฌ๐ญ๐ซ๐ฎ๐ฆ๐๐ง๐ญ ๐๐ซ๐๐ง๐ฌ๐๐จ๐ซ๐ฆ๐๐ซ๐ฌ ๐๐๐ซ๐ค๐๐ญ
In terms of value, Asia Pacific held more than 30% share of the global instrument transformers market in 2019. China's early containment of the pandemic is projected to augment the overall power sector in Asia Pacific through 2025. The upcoming railway and metro projects and steady growth in the renewable energy sector in India present immense potential for the instrument transformers market in the near future.
๐๐ง๐ฌ๐ญ๐ซ๐ฎ๐ฆ๐๐ง๐ญ ๐๐ซ๐๐ง๐ฌ๐๐จ๐ซ๐ฆ๐๐ซ๐ฌ ๐๐๐ซ๐ค๐๐ญ: ๐๐จ๐ฆ๐ฉ๐๐ญ๐ข๐ญ๐ข๐จ๐ง ๐๐๐ง๐๐ฌ๐๐๐ฉ๐
Major manufacturers of instrument transformers include ABB, General Electric, Schneider Electric SE, ARTECHE, NISSIN ELECTRIC Co. Ltd., and Siemens. A highly fragmented global instrument transformers market experienced intense competition from the unorganized sector in 2019. This trend is likely to continue during the forecast period. Industry leaders have been consistently investing in technological upgrade of instrument transformer models. For instance, in September 2019, General Electric launched SF6 free high-voltage solutions. The company aims for SF6-free high-voltage substation equipment to include all key high voltage levels by 2025.
๐๐๐ช๐ฎ๐๐ฌ๐ญ ๐๐จ๐ซ ๐๐ฎ๐ฌ๐ญ๐จ๐ฆ ๐๐๐ฌ๐๐๐ซ๐๐ก -https://www.transparencymarketresearch.com/sample/sample.php?flag=CR&rep_id=35303
๐๐ฅ๐จ๐๐๐ฅ ๐๐ง๐ฌ๐ญ๐ซ๐ฎ๐ฆ๐๐ง๐ญ ๐๐ซ๐๐ง๐ฌ๐๐จ๐ซ๐ฆ๐๐ซ๐ฌ ๐๐๐ซ๐ค๐๐ญ: ๐๐๐ ๐ฆ๐๐ง๐ญ๐๐ญ๐ข๐จ๐ง
๐๐ง๐ฌ๐ญ๐ซ๐ฎ๐ฆ๐๐ง๐ญ ๐๐ซ๐๐ง๐ฌ๐๐จ๐ซ๐ฆ๐๐ซ๐ฌ ๐๐๐ซ๐ค๐๐ญ, ๐๐ฒ ๐๐ซ๐จ๐๐ฎ๐๐ญ ๐๐ฒ๐ฉ๐
Current Transformer (CT)
Voltage Transformer (VT)
Combined Transformer (VCT)
๐๐ง๐ฌ๐ญ๐ซ๐ฎ๐ฆ๐๐ง๐ญ ๐๐ซ๐๐ง๐ฌ๐๐จ๐ซ๐ฆ๐๐ซ๐ฌ ๐๐๐ซ๐ค๐๐ญ, ๐๐ฒ ๐๐จ๐ฅ๐ญ๐๐ ๐ ๐๐๐ง๐ ๐
36kV or Below
Above 36kV to 80.5kV or Below
Above 80.5kV to 145kV or Below
Above 145kV to 195.5kV or Below
Above 195.5kV to 300kV or Below
Above 300kV to 550kV or Below
Above 550kV
๐๐๐จ๐ฎ๐ญ ๐๐ฌ ๐๐ซ๐๐ง๐ฌ๐ฉ๐๐ซ๐๐ง๐๐ฒ ๐๐๐ซ๐ค๐๐ญ ๐๐๐ฌ๐๐๐ซ๐๐ก
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
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๐๐จ๐ง๐ญ๐๐๐ญ ๐๐ฌ
Nikhil Sawlani
Transparency Market Research Inc.
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